ICICI Bank today launched a pre-approved loan facility for its savings account customers to finance up to 100 per cent of the on-road price of the car. This is a first of its kind offer in the industry. The new facility would enable customers to avail loans up to Rs 20 lakh. In an official release, the ICICI Bank said it disburses the loan amount within four working hours. Talking about the initiative, Ravi Narayanan, Senior General Manager & Head - Retail Secured Assets, ICICI Bank, said this offer is in line with the bank's endeavor to add to the customer’s delight during the festive season. "This is being extended to lakhs of our customers and we are happy that with the new service, they can now fulfill their festive purchases in a hassle-free manner, within just a few hours and delight their families. We believe, that the compelling proposition will offer a unique best-in-class banking experience to our customers,” he said.

How to avail the offer

An ICICI Bank customer can get the car loan facility by simply walking in to any auto-dealership across the country, selecting the car of their choice, checking their pre-approved loan eligibility using their account number, filling in an application form along with documents and getting the loan disbursed within just four working hours.

The bank said that the news facility is based on a new algorithm curated by ICICI Bank for credit assessment of customers. "The algorithm uses an intelligent combination of various financial parameters including the Credit Bureau information, relationship and vintage patterns with the Bank to ascertain the credit-worthiness of a customer. Based on the credit-score of the customer, the Bank pre-approves the loan amount to customers which help them avail the loan at the time of purchase very quickly," it said.

The loan payment tenure offered by the bank is up to seven years.

How to check eligibility

Customers can also walk into any ICICI Bank branch or SMS <CAR> to 5676766 from their registered mobile number to check their eligibility. Then, they can walk into any car dealership and buy the car of their choice in a matter of hours.